U.K.-headquartered used car marketplace CarWow is switching to an extended bidding model at its car auctions, providing dealers with earlier bidding access to its used car auctions, giving them more flexibility and convenience.
Every day at 5pm, CarWow will publish its catalogue of vehicles to go to its daily auction and start the bidding, including recommendations personalised to the dealer based on past bids. The winning bid will still be revealed to sellers when the auction closes at 3:30pm the next day.
CarWow launched its auctions site in 2021 after acquiring Wizzle. Dealers have bought more than 100,000 used vehicles on it since then, with a combined value of over £1.5 billion.
CarWow said the Jaguar F-Pace has been the most profitable used car available on its website, with an average margin of £4,721 ($5,882). The Hyundai i30N is the quickest vehicle to on average to meet its reserve price, taking just over one hour from when the auction begins.
“Our daily auctions enable all types of dealers – from franchises to independents – to access over 12,000 cars and light commercial vehicles every month direct from private sellers,” said Sally Foote, U.K. director of Carwow’s Sell My Car division.
“We pre-qualify every listing to make sure that U.K. dealers always receive stock exactly as described, ready for the forecourt.
“We’ve also recently improved the way we capture and display any damage information, collecting much more detail from sellers to create an enhanced view of a vehicle’s condition to give our partners ultimate confidence in their purchases with us.”